4Q23: Strong growth, a write-back finish the year
4Q23 PATMI Rp12.2t, flat QoQ. FY23 Rp48.6t, up 19% YoY
• Guidance overall was positive:
⇒ 9-10% loan growth for 2024 (back-ended to 2H24);
⇒ NIM flat 5.5-5.6%, even with BI Rate cuts (50-75bps assumed);
⇒ Credit cost 30-40bps with Loan at Risk declining 1-3% to 4-6%;
⇒ Cost/Income 34-35% (vs 37% for FY23) as 2023 included one offs
(pension liabilities) and elevated hiring
⇒ Fee income growth of single digits (<10%)